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Wednesday, 26 October 11
PWCS GLOBAL SHIPPING BENCHMARKING ANALYSIS: RECOVERY IN 2010 BUT GREAT UNCERTAINLY FOR 2011
 The recovery of global trade in 2010 to the same levels as 2008 led to an improvement in the overall performance of shipping companies in 2010 compared to 2009, according to the 2010 Global Shipping Benchmarking Analysis of PwC. But this does not mean that the shipping industry is on a safe path to recovery, since the deteriorating economic situation in Europe and the US have increased volatility and market uncertainty, impacting shipping companies’ performance as reflected in their reported results in the first half of 2011, which have been worse than the same period in 2010.
In its global benchmarking analysis, which is in its third year of publication, PwC has analyzed certain key performance indicators (KPIs) of 150 shipping companies from around the world. The results are based on an analysis of their published annual reports over the last five years including 2010. The analysis covers both quantitative and qualitative information and gives an insight into how these companies are facing recent challenges and the main drivers of performance in the shipping industry.
The analysis shows that the Container and the Dry Bulk subsectors were the best performers in 2010, while the Tanker subsector was the worst performer. With the exception of net debt ratio and the ratio of net fixed assets to sales ratio, all financial performance indicators stabilized or improved in 2010 compared to 2009.
Socrates Leptos-Bourgi, Partner of PwC in Greece and the PwC Global Shipping & Ports Leader, says: “We’ve seen improvements in freight rates across all trades in 2010, which combined with cost savings implemented in 2009, have improved the reported profitability of shipping companies in 2010. How good or bad things will get in the future depends on how well the world economy copes with the post financial crisis problems that the US is facing, the resolution of the European sovereign debt crisis, the challenge of rebuilding northern Japan and the prospects of the Chinese economy. However, given the pressures caused from the supply of new tonnage in the shipping markets, it will require an extraordinary performance on all accounts to bring the shipping industry back to a period where returns become relatively attractive again.”
While the world economy is still fragile, with increasing volatility and uncertainty prevalent across many sectors, businesses continue to face tightening credit conditions and limited liquidity. Financial institutions have toughened their positions, both in existing exposures and when making new facilities available. Under these conditions many companies were forced to restructure their loan facilities in an attempt to rectify existing issues with their facilities or in preparing for a tougher year ahead.
Approximately 60% of the container vessel owners covered by our analysis have reported restructuring of their loan obligations during 2010. The corresponding percentage for the dry bulk sector was 29% and for the tanker sector 12%. But significantly less owners foresee debt restructuring in 2011.
Second hand vessel sale & purchase activity was significantly lower in 2010 than in 2009. The number of reported sales was down by close to 20% compared to 2009. Vessel values were under pressure reflecting a weaker freight market, an increasing concern about the order book and in general a large number of potential sales candidates. The survey results demonstrate that asset impairments are at lower levels in 2010 compared to 2009 in most sectors, but especially in the dry bulk and tanker sectors. The container sector reported the largest share of impairments on vessels in 2010, with 42% of the companies incurring impairment losses.
Our analysis shows clearly lower levels of shipbuilding cancellations in 2010 compared to 2009. Especially in the dry bulk sector there was a dramatic reduction of vessel cancellations among the companies we have covered. The reduced shipbuilding cancellations were accompanied with a resumption of ordering activity. This may have been the result increasing cargo demand, the firming of freight rates and low newbuilding prices. Especially for the dry bulk sector the number of orders for new vessels increased two-fold. This trend is expected to change in 2011 as the lower growth in world trade and the increase newbuilding deliveries is likely to divert ship owners’ interest to other subsectors such as gas (LPG or LNG) carriers.
According to our analysis, the newbuilding ratio (calculated as the number of vessels on order divided by the number of vessels operated for all companies in our sample) stands at 25% for dry bulk vessels, 7% for tankers and 10% for containerships. However, these newbuilding ratios are significantly lower than those for the whole shipping market. We believe this is reflective of the fact that most of the companies in our sample are listed and, being accountable to a number of shareholders in the public markets, tend to follow more conservative strategies, while private companies have more risk tolerance and tend to take a more aggressive view of the market.
Finally, scrapping activity declined in 2010, despite very strong scrap prices and relatively weak hire rates. Looking at the dry bulk sector, scrapping activity was negligible in the second half of 2010. However, this trend is likely to change as the container and tanker sectors are under severe pressure from freight rates that declined to levels close to or below operating break-even levels and scrap prices remaining at attractive levels.
Source: PriceWaterHouseCoopers / Hellenic Shipping
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Thursday, 20 October 11
BRACKEN INTERNATIONAL MINING LISTS ON FRANKFURT STOCK EXCHANGE
Press Release - Bracken International Mining (Code:1BM) listed on the Deutsche Börse’s Frankfurt Stock Exchange today at €1.00 with ...
Thursday, 20 October 11
CAPESIZES, SUPRAMAXES LEAD GAINS FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Struggling to find additional support, but still managing to post gains, the dry bulk market has stabilized itself on higher levels again yesterday, ...
Wednesday, 19 October 11
METALLURGICAL COAL PRICES TO DROP BELOW US$240/TONNE - WOOD MACKENZIE
Wood Mackenzie Says Metallurgical Coal Prices to Drop Below US$240/tonne by Q4 2012 But Long-term Demand Fundamentals Remain Robust
Wood Mackenzi ...
Wednesday, 19 October 11
SUPRAMAX MARKET WAS VERY FIRM LAST WEEK - BRS
With all sectors contributing positively, the BDI ended the week at 2,173 points (+8.6%), its highest level so far in 2011. The BCI stood at 3,587 ( ...
Wednesday, 19 October 11
ADARO ACQUIRES BUKIT ENIM ENERGI - INSIDER STORIES
Insider Stories reported that, Coal miner PT Adaro Energy Tbk, via its subsidiary dubbed PT Alam Tri Abadi, today revealed a 46% stake takeover of a ...
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- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
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